Shriram Life Insurance posts net profit of ₹75 cr. in H1

Shriram Life Insurance Company (SLIC) has posted a net profit of ₹75 crore for the first half ended September FY23 against a loss of ₹46 crore for the year-ago period.

During the period under review, total new business increased by 23% to ₹457 crore. Assets under management rose to ₹8,149 crore from ₹6,762 crore. Gross premium grew by 14% to ₹969 crore.

The numbers reflect the insurer’s strategy to focus on technology adoption and rural penetration, it said in a statement.

“Our strategy to blend technology adoption with rural penetration has breathed new life into our commitment to cover India’s economically vulnerable segments. We are now able to reach more customers across a bigger geography, provide value through relevant products and efficient customer service processes,” said MD & CEO Casparus J.H. Kromhout.

SLIC is promoted by Shriram Group and South Africa-based financial services group Sanlam Ltd.